Summary: Philadelphia Industrial Development Authority, Pennsylvania

Primary Credit Analysts: Elissa S Granick, New York, (1) 212-438-2012 Jennifer J Neel, (1) 212-208-1689 The rating on the Philadelphia Authority for Industrial Development, Pa.'s bonds, issued for the Fox Chase Cancer Center Institute for Cancer Research is based on an irrevocable direct pay LOC provided by Morgan Guaranty Trust Co. of New York. The LOC expires on July 1, 2000 unless extended or earlier terminated according to its terms. The LOC covers full principal plus 54 days' interest at a maximum rate of 12% on the bonds. Bond proceeds will be used to finance the construction and equipping of a new Cancer Center Prevention Pavilion for the Pennsylvania-based comprehensive cancer center (see related press release). The bonds will be

...The rating on the Philadelphia Authority for Industrial Development, Pa.'s bonds, issued for the Fox Chase Cancer Center Institute for Cancer Research is based on an irrevocable direct pay LOC provided by Morgan Guaranty Trust Co. of New York. The LOC expires on July 1, 2000 unless extended or earlier terminated according to its terms. The LOC covers full principal plus 54 days' interest at a maximum rate of 12% on the bonds. Bond proceeds will be used to finance the construction and equipping of a new Cancer Center Prevention Pavilion for the Pennsylvania-based comprehensive cancer center (see related press release). The bonds will be offered in the daily mode. Holders may tender bonds on any business day with appropriate notice. The bonds may be converted to commercial paper and fixed-rate periods. The bonds are subject to mandatory tender on the interest rate conversion date, five days prior to expiration of the LOC (unless a substitute credit facility is provided that does not adversely...

Summary